As per Future Market Insights (FMI), the U.S. is expected to account for more than 3/5th of revenue in the global cannabis beverages market, with sales exceeding US$ 700 Mn by the end of 2022 in U.S. As consumption of cannabis-based food & beverage products surges, the sales are predicted to grow at 17% CAGR globally between 2023 and 2033 (forecast period).
Sales in the U.S. are predicted to witness an uptick as preference for healthy and medicinal beverages continues to surge. This is anticipated to boost the global market, reaching US$ 1,227.3 Mn by 2023. The U.S. cannabis beverage market is set to experience rapid growth over the next ten years due to rising demand for wellness drinks and products. This shift towards healthy beverage options has been driven by consumers looking to improve their overall health and well-being, and they are now seeing cannabis beverages as a viable option.
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One of the most exciting aspects of the cannabis beverage is that it offers consumers a range of options that can fit their needs and desires. Cannabis beverages can provide consumers with an array of health benefits, such as reduced inflammation and stress relief, as well as improved sleep. In addition, many cannabis beverages are low in calories and offer a natural energy boost, making them an attractive option for those looking to live a healthy lifestyle. It is anticipated to increase the sale of cannabis beverages in U.S.
Finally, the emergence of new technology has opened up a world of possibilities for cannabis beverage producers. By utilizing technology, companies can create sophisticated product lines. Increasing demand for wellness beverages is driving the growth of the U.S. cannabis beverage market. As the industry continues to expand, it is likely that more innovative and exciting products will be developed, further expanding the market’s potential.
In September 2021, Brujera Elixirs Inc. (“State B”), a premier Canadian beverage brand committed to bringing health, relief, and elevation to the new and emerging cannabis consumer, today announced a collaboration with Vertosa, a science-first cannabis company that is dedicated to developing the most reliable and effective active ingredients for infused products.
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Key Takeaways from the Cannabis Beverages Market
- Cannabis beverages demand is predicted to top a valuation of US$ 5,899.5 Mn by 2033, with the U.S. accounting for lion’s share in the market.
- Sales in the U.S. are estimated to increase at a significant pace in cannabis beverages market during the projected period.
- North America generated a revenue of US$ 527.83 Mn in the global cannabis beverages market by the end of 2020.
- Growing demand for wellness beverages will boost demand for cannabis beverages in U.S.
“Growing demand for wellness beverages among health-conscious consumers will increase the sales of cannabis beverages in U.S. In addition, key players are investing in introducing innovative wellness beverages to gain momentum in upcoming years.”– Says an FMI Analyst.
Competition Landscape in the Cannabis Beverages Market
Leading cannabis beverage manufacturers employ both organic and inorganic expansion tactics. These businesses are concentrating on organic growth techniques including product launches, product approvals, and other things like patents and events.
These players are also adopting inorganic growth strategies such as mergers, collaboration, and acquisition to gain competitive edge. These measures paved the way for market players to expand their business and customer base.
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Cann, The Jones Soda Co, and Vertosa are the key companies in U.S. cannabis beverages market.
- In August 2021, – Cann, the top cannabis-infused beverage producer in California, today unveiled Passion Peach Mate, a unique caffeinated cannabis beverage created in partnership with Tove Lo, an artist and Cann investor, Sweet Flower, and Airfield Supply Co. Passion Peach Mate, Cann’s initial product offering, combines a delicious peach flavor with an uplifting, energetic high in addition to its distinctive microdose of THC. It was inspired by the popularity of vodka mate drinks in Berlin clubs.
- In October 2022, The Jones Soda Co. announced the debut of new marijuana-infused drinks in 16-ounce cans in California as part of the company’s Mary Jones range of cannabis beverages. the introduction of new, larger-than-life cannabis drinks containing 100 milligrams of THC, the primary euphoric ingredient in marijuana.
Cannabis Drinks Market by Category
By Product Type, Cannabis Drinks Market is Segmented as:
- Alcoholic Cannabis Infused Drinks
- Cannabis Infused Wine
- Cannabis Infused Beer
- Other Cannabis Infused Spirits
- Non-Alcoholic Cannabis Infused Drinks
- Cannabis Infused Water
- Cannabis Infused Coffee
- Cannabis Infused Tea
- Cannabis Infused Juice
- Other Cannabis Infused Functional Drinks
By Component, Cannabis Drinks Market is Segmented as:
- Tetrahydrocannabinol (THC) Infused Drinks
- Cannabidiol (CBD) Infused Drinks
By Flavor, Cannabis Drinks Market is Segmented as:
- Apple Cider
- Black Tea
By Sales Channel, Cannabis Drinks Market is Segmented as:
- B2B / HoReCa
- Hypermarkets /Supermarkets
- Food Specialty Stores
- Online Retail
- Others Retail Formats
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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